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Worldwide Smart Grid Industry to 2030 - Key Drivers, Challenges and Opportunities - ResearchAndMarkets.com

·3-min read

DUBLIN, October 14, 2021--(BUSINESS WIRE)--The "Smart Grid Market by Component, by Application, by End User - Global Opportunity Analysis and Industry Forecast, 2021 - 2030" report has been added to ResearchAndMarkets.com's offering.

The Global Smart Grid Market size was valued at USD 62.09 billion in 2020 and is predicted to reach USD 248.63 billion by 2030, with a CAGR of 15.2% from 2021-2030.

Companies Mentioned

  • General Electric

  • Cisco Systems, Inc.

  • Honeywell International Inc

  • Itron Inc.

  • International Business Machines Corporation (IBM)

  • Schneider Electric

  • Oracle

  • Tech Mahindra Limited

  • Siemens

  • Wipro Limited

Smart grid is one of the developed & reliable technologies which allow the proper maintenance of data with regards to the supply & generation. This system enables the fault detection & its repair. This also helps environment & economy with proper power supply along with wide applications in different industries. The global smart grid market witnessed a substantial growth in the past few years, and is expected to observe several lucrative opportunities for growth in coming future. The major driving factors in the smart grid market are: development of smart cities, advancements in digital network infrastructures, increasing adoption of e-vehicles, higher penetration of AI, IoT, automation and robotics technologies, as well as favorable regulatory policies promoting the utilization of smart meters. However, concerns regarding safety & security, standardization issues, and high maintenance costs, are expected to hinder the growth of smart grid market during the forecast period.

The global smart grid market share has been analyzed based on component, application, end user and geography. Based on component, the smart grid market is segmented into services and solution. The solution segment is sub segmented into Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management, Smart Grid Communications, Smart Grid Network Management, Substation Automation, Smart Grid Security, and others. Based on application, the smart grid market is fragmented into generation, transmission, distribution, and consumption/end use. Based on end user, the smart grid market is divided into commercial, residential, and industrial. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising Asia-Pacific, North America, Europe, and RoW.

North America dominated the global smart grid market and is expected to maintain its dominance throughout the forecast period. This is due to well-established network infrastructures, increasing number of smart cities, and higher adoption of electric vehicles in this region.

Asia Pacific is expected to grow with the highest CAGR values in the global smart grid market throughout the forecast period, owing to increasing government initiatives to digitally transform the infrastructures and emerging concept of smart cities in this region.

Key Topics Covered:

1. Introduction

2. Market Snapshot, 2019-2030 Million Usd

3. Porter's Five Force Model Analysis

4. Market Dynamics

4.1. Growth Drivers

4.2. Challenges

4.3. Opportunities

5. Global Smart Grid Market, by Component

5.1. Overview

5.2. Solutions

5.3. Services

6. Global Smart Grid Market, by Application

6.1. Overview

6.2. Generation

6.3. Transmission

6.4. Distribution

6.5. Consumption/End Use

7. Global Smart Grid Market, by End-user

7.1. Overview

7.2. Residential

7.3. Commercial

7.4. Industrial

8. Global Smart Grid Market, by Region

8.1. Overview

8.2. North America

8.3. Europe

8.4. Asia-Pacific

8.5. Rest of World

9. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/bzvkf

View source version on businesswire.com: https://www.businesswire.com/news/home/20211014005580/en/

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